The Real Deal Miami

Former Russian politician proposes a residential development in Hollywood

Vadim Valeryevich Gataullin controls a company that proposed a seven-story, 36-unit residential building on a 1.44-acre site near the beach

April 15, 2018 10:40AM

3319 North Ocean Drive in Hollywood (Credit: Google / Redfin)

A company controlled by a former political office holder in Russia proposed the development of a seven-story residential building in a beachfront area of South Florida.

Vadim Valeryevich Gataullin controls VVG Real Estate Investments LLC, the company that proposed the 36-unit residential building on a site near the beach in Hollywood, the South Florida Business Journal reported.

The Hollywood Technical Advisory Committee on Monday will review a site plan for the proposed development, called Oceanside Residences.

The Reuters news agency last year reported that Gataullin –a deputy in the regional parliament of the Russian Republic of Bashkortostan from 2013 to 2015 – was one of dozens Russians who bought units at South Florida condominiums bearing the Trump brand.

Gataullin’s VVG Real Estate Investments bought two units at the Trump Hollywood condominium building in Hollywood and sold both for a profit, according to Reuters.

The news agency also reported that Gataullin’s company spent at least $28 million on property acquisitions in Broward County from 2012 to 2016.

Among those properties is the 1.44-acre site in Hollywood where VVG would develop Oceanside Residences. In 2016, VVG paid $8 million for the site, which spans three addresses near Hollywood’s beach: 3319 North Ocean Drive, 3300 North Surf Road and 322 New Mexico Street.

VVG has proposed construction of a residential building there with 63,193 square feet of interior space and 54 parking spaces.

The 36 units in the building would be a mix of flats with one, two or three bedrooms and townhouses with three or four bedrooms.

The development would cost $12 million, according to the proposed site plan, which didn’t specify whether the units would be rental units or condominium units. [South Florida Business Journal] – Mike Seemuth